Electric Vehicles Market likely to be worth US$271.67 bn by 2019
Electricity as an alternative to conventional transportation energy is becoming a near-term reality for several countries worldwide. Electric vehicles are expected to promote sustainable energy development at the same time addressing the climate and air quality changes. Rising prices of fossil fuels coupled with the environmental impact of the petroleum based transportation vehicles has led to renewed interest in electricity operated vehicles. However, challenges for widespread adoption of these electric vehicles include consumer acceptance for this new technology, high initial purchase cost and lack of charging infrastructure. Electric vehicles are propelled by one or more electric motor and powered with the help of rechargeable battery packs. Electric vehicles offer different benefits compared to ‘internal combustion engine’ (ICE) powered vehicles such as fuel economy, zero emission of pollutants including nitrogen oxide, carbon monoxide and hydrocarbons among others. They enhance performance and offer greater energy efficiency. Operating and maintenance cost associated with the electric vehicles is also low compared to conventional vehicles.
This report analyses the electric vehicles (on-road) market on a global basis with detailed breakdown into various sub-divisions. It provides cross-sectional analysis of the market based on parameters such as product type and geography segments. The global on-road electric vehicles market has been classified by product types into four broad segments namely electric cars, motorcycles and scooters, buses, and others. Electric car segment includes cars, neighborhood electric vehicles and golf carts. Electric cars are further classified on the basis of technology into hybrid electric cars, plug-in hybrid electric cars and battery electric cars.
A neighbourhood electric vehicle is a battery electric vehicle that is legally limited to the roads with speed limits up to 45 miles per hour. Electric golf carts are particularly used on golf courses and country clubs. Different type of electric motorcycles and scooters mentioned in this report are hybrid electric motorcycles and scooters, battery electric motorcycles and scooters and plug-in hybrid electric motorcycles and scooters. Electric buses available in the market are hybrid electric buses, battery electric buses and fuel cells electric buses. Fuel cell buses employ hydrogen fuel cell as its power source. Others segment includes electric bicycles and trucks.
In addition, the analysis provides market estimation in terms of revenue and volume and forecast for the period between 2013 and 2019. The Porter’s five forces analysis and value chain analysis included in the report further help in assessing the market situation and competitiveness. Market attractiveness analysis helps to highlight the key industry segments and their comparative attractiveness with other industry segments.
With underlying latent demand and high growth potential and, electric vehicles (on-road) market is witnessing the emergence of new players. Apart from the detailed sub-segment analysis as illustrated through the table below given, this report also provides company profiles of the key market players. The competitive profiling of these players includes company and financial overview, business strategies adopted by them, and recent developments which can help in assessing competition in the market. Some of the major companies included in this report are Tesla Motors, Inc., NISSAN Motors Company, General Motors Company, Mitsubishi Motors Corporation, Volkswagen, Renault S.A., Daimler AG and Smith Electric Vehicles.